Transfer out of Armed Forces Pension

Daniel54

Good_bad_and_ugly wrote: »

See my earlier post. For the record, how many pension schemes are you familiar with in the club directory? 2.. 3, 7?. Go through all of them and then tell me you stand by what you said. There are many which could help him. Except you don't know thst because you're too busy chucking out tens of thousands of factually incorrect posts online instead of keeping up to date with your tradecraft.

You're a financial adviser? What's your name, cowboy.. Wyatt Earp? Yee ha.

Rude

What is your name -know nothing ?

Do not insult those who seek to help others.

Quote your sources

Andy_L

LeoTLion wrote: »

Out of interest, if a transfer was possible, say 12 years AFPS 75 into the LGPS, how would it work practically. Would it be a straight 12 additional years LGPS or is it based on how much the transfer value would purchase?

Sort of the latter, the advantage of a club transfer is that both schemes use the same numbers rather than erring on the side of caution so you get a fair valuation. However they ignore any difference in salary between the 2 jobs, so a win if you've got a pay rise out of the move, a loss if you've taken a pay cut.

tocsin

'Thanked 0 Times in 0 Posts'

This lurker thinks that says much...

xylophone

http://www.civilservicepensionscheme.org.uk/members/public-sector-transfer-club/

"The Public Sector Transfer Club, more usually known as the Club, is a group of some 120 salary related occupational pension schemes, not all of whom are based in the public sector as the name might suggest."

might be of interest.

Good_bad_and_ugly

tocsin wrote: »

'Thanked 0 Times in 0 Posts'

This lurker thinks that says much...

It says that I'm not in a willy waving popularity contest where the quality and integrity of what I post comes second to that which you seem to think represents quality (namely, 'thanks').

Those who called Pete foolish did so because they decided that it was for foolish for him NOT to transfer his DB pension because (presumably) the critical yield was too high and there was no hope of matching the main scheme benefits. A pretty common situation, I think, if you aren't receptive to expansive thinking.

Let's say that Pete lives to a ripe old age with the result that he receives far more from the DB scheme than he could ever have reasonably hoped to get from drawdown. Bargain. But what if he dies suddenly just after drawing his DB pension, leaving an ill wife with a short life expectancy.

In this situation the better value would have come from transferring into the drawdown plan, as this would have allowed the wealth to cascade down the generations. But we don't know what may be the better option, because the board crusties decided that he would be foolish and that was that.

So you go ahead and snipe at me all you like. There is no right or wrong because we don't have time machines. All you can do is advise someone to take what seems to be the most appropriate route at the time, and to do that, you need to ask questions.

atush

tocsin wrote: »

'Thanked 0 Times in 0 Posts'

This lurker thinks that says much...

Yep just about sums it up in detail.

I gotta say, I smell troll (and usually am the last to say so)

Andy_L

xylophone wrote: »

http://www.civilservicepensionscheme.org.uk/members/public-sector-transfer-club/

"The Public Sector Transfer Club, more usually known as the Club, is a group of some 120 salary related occupational pension schemes, not all of whom are based in the public sector as the name might suggest."

might be of interest.

Aren't most of the non- public sector ones Universities, (which most people would think are public sector) with the rest made up of quangos, legacy schemes for privatised organisations, public sector TUs and charities.

jem16

LeoTLion wrote: »

Out of interest, if a transfer was possible, say 12 years AFPS 75 into the LGPS, how would it work practically. Would it be a straight 12 additional years LGPS or is it based on how much the transfer value would purchase?

As Andy says the transfer ignores salary more or less and the service numbers transfer over. However there's also the difference in retirement ages between the two schemes for you to think about as one is 60 and one 65 (with state pension age for newer contributions) so that may result in a higher service credit.

jem16

Good_bad_and_ugly wrote: »

Pre April 15 then.

Relevance of April 15 date?

LeoTLion

Thanks for all the info.

The difference in retirement ages was something I would have needed to consider, but depending on the mechanics of the transfer it may have been worth doing due to the difference in salary.

As far as I am aware the AFPS can't be deferred and has to be taken at 60 so tax was part of my thinking, also the survivors benefit element of both pensions aren't great.

I guess it's not relevant now due to me being outside the time limit to transfer anyway.